SANTA MONICA, Calif., June 17, 2005 (PRIMEZONE) -- Patient Safety Technologies, Inc. (AMEX:PST) announced today that effective July 5, 2005, William Horne will be employed as Chief Financial Officer of the Company and its subsidiaries. Since December 10, 2004, Mr. Horne has been serving as a consultant to the Company, advising on financial and accounting related matters.
Mr. Horne has 11 years of experience as a financial executive, auditor and financial consultant. Mr. Horne previously held the position of Chief Financial Officer in various technology related companies, including the Seattle-based VC, The Phoenix Partners and Alaska Wireless Communications, a privately-held, advanced cellular communications company which deployed the world's first commercial 850 MHz GSM network. Since January 2002, he has provided strategic financial consulting services to a broad array of companies ranging from small, private companies to a public company with a market capitalization in excess of $1 billion. In his prior roles he was responsible for all aspects of finance and administration, including financial reporting, tax planning, negotiation of M&A transactions, and structuring of equity investments. Mr. Horne has also held supervisory positions at Price Waterhouse, LLP and has a Bachelor of Arts Magna Cum Laude in Accounting from Seattle University. From 1986 to 1990, he served in the Marine Corp and was promoted through every rank to Sergeant.
"Mr. Horne's depth of experience and proven track record in M&A are an ideal match for PST's acquisition-based growth strategy," commented Milton "Todd" Ault III, PST's CEO and Chairman. "Since joining us as a consultant in December, we continue to be impressed by his precise attention to detail and deep understanding of financial strategy. We are very fortunate to have him with us."
Patient Safety Technologies, Inc. ("PST") is a developer, manufacturer and content provider of patient safety products and services, working toward becoming the leader in the patient safety sector. Headquartered in Santa Monica, California, PST is assembling a world-class Advisory Board of leading patient safety experts. The company is concentrating on surgical safety to support its newly acquired subsidiary, SurgiCount Medical, Inc., a developer of patient safety devices. SurgiCount features the Safety-Sponge(tm) System, which allows for faster and more accurate counting of surgical sponges. For more information on Patient Safety Technologies, Inc., please contact the company directly at (310) 752-1416, or by email at info@patientsafetytechnologies.com or www.patientsafetytechnologies.com.
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements. These forward-looking statements can generally be identified as such because the context of the statement will include words such as Patient Safety Technologies "expects," "should," "believes," "anticipates" or words of similar import. Stockholders, potential investors and other readers are cautioned that these forward-looking statements are predictions based only on current information and expectations that are inherently subject to risks and uncertainties that could cause future events or results to differ materially from those set forth or implied by the forward-looking statements. Certain of those risks and uncertainties are discussed in the Patient Safety Technologies filings with the Securities and Exchange Commission, including Patient Safety Technologies annual report on Form 10-K and quarterly reports on Form 10-Q. These forward-looking statements are only made as of the date of this press release and Patient Safety Technologies does not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.